Median Palisadian Home Sale Price Up 15%

By MICHAEL EDLEN | Special to the Palisadian-Post

As of May 31, there were 83 single-family Palisades residences listed in the Multiple Listing Service, which is 10 percent lower than at the start of June 2016. So far this year, 106 Palisades homes have sold, which is eight percent more than this time last year, and there are now 34 homes in escrow in the Palisades.

The average price per square foot is up by eight percent over this time last year, and the median sale price is up by 15 percent now. One reason for this is the continued low level of inventory.

The lowest-priced available home is a two-bedroom, one-bath on Marquette at $1.55 million. The highest-priced property is a seven-bedroom, 13-bath on San Remo, asking $38 million, which has been on the market for just over three months.

The lowest sale price so far this year was a two-bedroom, one-bath on Radcliffe, which sold for $1.5 million. The highest sale so far this year was an exquisite new home on Casale in the Riviera, which sold privately for $32.5 million.

There are now 11 condominiums/townhouses on the market. They range from one-bedroom, one-bath on Sunset, offered at $569,000, to a three-bedroom, three-bath condo on Sunset for $3.27 million. Eleven condos are currently in escrow.

There have been 26 condo sales so far this year. The lowest was a one-bedroom, one-bath on Sunset, which sold for $589,000, and the highest was a three-bedroom, three-bath townhome in Sea Ridge on Palisades Drive, which sold for $1.65 million. The median condo sales price is $1.12 million, which has increased by 28 percent from this time last year.

There are currently 12 pieces of raw land available, ranging from 3,700-square-foot lot on Posetano, offered at $175,000, to $5.95 million for several acres on Via Santa Ynez. The only lot that has sold this year was a 12,000-plus-square-foot lot on Maroney Lane, which included approved plans and sold for $2.68 million.

There are currently 58 available leases in the Palisades. They range from a three-bedroom, two-bath on Las Casas, asking $4,700 per month, to a five-bedroom, six-bath home on Posetano, asking $155,000 per month, which has been on the market for nearly a year.

There have been 97 leases so far this year. The highest lease so far this year was a seven-bedroom, nine-bath on Paseo Miramar for $35,000 per month. The lowest was $2,850 per month for a one-bedroom, one-bath on Sunset. The median was $8,400 per month. This is 17 percent higher than the median lease sale price at this time last year.

Michael Edlen, an agent with Coldwell Banker, has been keeping statistics on Pacific Palisades housing prices for the last 31 years.